Prime Minister Joseph Muscat of Malta has revealed the government’s plans to adopt Blockchain technology as the state officially approved a draft for the implementation of the technology. This comes as the first step as the government is to actively begin to encourage adoption into various commercial and state settings. While the prime minister did acknowledge the potential problems associated with regulating such technology, Muscat remained optimistic of cryptocurrencies impact on fintech applications.
“This is not just about Bitcoin, and I also look forward to seeing Blockchain technology implemented in the Lands Registry and the national health registries. Malta can be a global trail-blazer in this regard.”
Muscat further prophecies the growing popularity of Blockchain technology making an analogy with the rise of the internet which too was a small and niche invention early in its inception. Hoping to beat other countries like Singapore in the race to implement Blockchain technology, Muscat also hopes for other European countries to follow in its footsteps as to maximize the potential of potentially revolutionary technology.
To conclude, Malta may be stepping on the first stone to Blockchain and Bitcoin technology adoption. As hinted by the Prime Minister, Joseph Muscat, Blockchain technology may be used in a similar way to services provided by Bitland to modernize land registry and organization of property ownership. Blockchain benefits have already been highlighted by many African nations as its transparency and security allows for a system which may be adapted and reliable for civilian needs. Governmental applications for this technology were also suggested particularly in the healthcare segment of administration where possibilities for organization of healthcare records and even transactions for emergency procedures and such can be accomplished by the state if progress continues.